Idexx reports income growth, but lowers year-end expectations

WESTBROOK, Maine — Idexx Laboratories Inc. said Tuesday morning that its net income increased by more than 5 percent during the second quarter when compared to the same period last year, but lowered its year-end revenue expectations.

The Westbrook-based biotech company posted second-quarter net income of nearly $54 million, a 5.2 percent increase from the $51.3 million it posted during the second quarter of 2012, according to a news release.

The company generated revenue of $352.6 million for the second quarter, a 5 percent increase from the $335.6 million in the second quarter of 2012, the release said.

Nearly 84 percent of the company’s revenue comes from its Companion Animals Group, which provides diagnostic kits and laboratory services for the veterinary market. The group’s revenue for the second quarter of 2013 was $295.8 million compared with $278.3 million for the second quarter of 2012, according to the release.

Story continues below advertisement.

However, the company lowered its full-year revenue expectations. On Tuesday, it said it anticipates revenue for the full year to be between $1.37 billion and $1.38 billion, which reflects an increase of 7 percent to 7.5 percent. Its previous expectations were for revenue to increase nearly 8 percent.

The company’s stock fell as much as 6.5 percent in morning trading, from a per-share price of $97.42 at Monday’s close to a low of $91.03 a share. As the morning continued, the stock regained most of its ground. It stood at roughly $96 as of 11:30 a.m.